AB 274 — Revises provisions governing required instruction in financial literacy. (BDR 34-759)

(ReprintedAssembly withBill amendmentsNo. adopted on April 20, 2023) FIRST REPRINT A.B.

274274–Assemblymen ANguyen, SSEMBLYGallant, BILLConsidine, NSummers-Armstrong; O.

274–ABilbray-Axelrod, SSEMBLYMENCohen, NGUYEND’Silva, ,González, GGorelow, ALLANT,Gray, CONSIDINE,Gurr, SUMMERSHibbetts, -ARMSTRONGKasama, ;Koenig, Brittney Miller, C.H.

BILBRAY-AXELRODMiller, ,Mosca, COHENNewby, ,Peters, D’SILVA,Taylor GONZÁLEZand ,Thomas GJoint ORELOWSponsors: , GRAY , GURR, HIBBETTS, K ASAMA , KOENIG , BRITTNEY M ILLER, C.H.

MSenators ILLER,Dondero MOSCA,Loop, NEWBYPazina, ,D. ETERS, AYLOR AND THOMAS M ARCH 8, 2023 ____________ OINT SPONSORS :

ENATORSHarris, DONDEROBuck; LOOP, PAZINA, D.

HARRIS,Hammond, BUCK;Krasner and Lange CHAPTER..........

HAMMOND , RASNER AND LANGE ____________ Referred to Committee on Education SUMMARY—Revises provisions governing required instruction in financial literacy.

(BDR 34-759) FISCAL NOTE:

Effect on Local Government:

May have Fiscal Impact.

Effect on the State:

No.

CONTAINS UNFUNDED MANDATE (§ 1.5) (NOR EQUESTEDAFFECTELOCALGOVERNMEN) ~ EXPLANATION – Matter in bolded italics is new;

matter between brackets [omitted material] is material to be omitted.

LegislativeLegiExisting Counsel’slaw Digest:creates the State Financial Literacy Advisory Council, composed of members appointed by the Governor, certain Legislators and the Chancellor of the Nevada System of Higher Education.

Existing law creates the State Financial Literacy Advisory Council, composed of members appointed by the Governor, certain Legislators and the Chancellor of the Nevada System of Higher Education.

(3) develop and facilitate certain events related to - *AB274_R1* – 2 – financial literacy;

(4) develop the criteria required for a pupil to earn the State Seal ofobjectives; Financial Literacy;

(5) apply for grants, gifts and donations to carry out its objectives;

(NRS 388.5966, 388.5968) Section 1 of this bill changes the composition of the Council by eliminating certain members appointed by the Governor, certain Legislators and the Chancellor of the System and adding a pupil enrolled in high school as asa and member of the Council.

Section 1 also places the Council within the Department of Education and provides that the Superintendent of Public Instruction must appoint the membersExisting oflaw: the Council.

(1) designates certain academic subjects, including social studies, which encompasses financial literacy, as core academic subjects that must be taught in all public schools;

and (2) requires a pupil enrolled in a public high school to enroll in a minimum of one-half unit of credit in the subject of economics.

(NRS 389.018) Section 1.5 of this bill revises the contents of the one-half unit of credit in economics in which a pupil must enroll to also include financial literacy.

(1) designatesrequires certainthat academicpupils subjects,who includingare socialenrolled studies,in whichpublic encompassesschools financialare literacy,contents asfor coresuch academicinstruction, subjectsincluding thatthe mustskills benecessary taughtto enrollmanage infinances, awhich minimumincludes ofdeveloping one-halfa unitpersonal offinancial creditplan. in the subject of economics.

(NRS to389.074) 389.018) Section 1.52 of this bill revisesprovides that the contentsskills ofnecessary theto one-halfmanage unitfinances ofrelating creditto indeveloping economicsa inpersonal whichfinancial aplan pupilinclude mustunderstanding enrolland tobudgeting alsofor includethe financialcosts literacy.of housing, transportation and health care.

Existing- law:82nd Session (2023) – 2 – EXPLANATION – Matter in bolded italics is new;

(1)matter requiresbetween thatbrackets pupils[omitted whomaterial] areis enrolledmaterial into publicbe schoolsomitted. are provided with instruction in financial literacy;

and (2) sets forth the required contents for such instruction, including the skills necessary to manage finances, this bill provides that the skills necessary to manage finances relating to developing a personal financial plan include understanding and budgeting for the costs of housing, transportation and health care.

(c) Two members appointed by the Majority Leader of the Senate;Sen(d) Two members appointed by the Speaker of the Assembly;

(d) Two members appointed by the Speaker of the Assembly;

The Governor, the Majority Leader and the Minority Leader of the Senate, the Speaker and Minority Leader of the Assembly and - *AB274_R1* – 3 – the Chancellor of the Nevada System of Higher Education shall coordinate their respective appointments of members to the Council to ensure that, to the extent practicable, the members appointed to the Council reflect the gender, ethnic and geographic diversity of this State and that:] the following members appointed by the Superintendent of Public Instruction:

(d) Three members [of the Council] who are teachers who hold a license to teach elementary, middle or junior high school ororold a secondary education, respectively, and who:

- 82nd Session (2023) – 3 – (1) Teach in an elementary, middle or junior high or high school, respectively;

and (3) Are responsible for teaching courses relating to financial literacy;lit(e) One member [of the Council] who is an administrator of a public school;

(e) One member [of the Council] who is an administrator of a public school;

The Chair may appoint such subcommittees of the Council as the Council.he Chair determines necessary to carry out the duties of the[9.] Council.8.

- *AB274_R1* – 4 – [9.] 8.

A state agency or local government shall not require an officer or employee who is a member of the Council to make up the time the member is absent from work to carry out his or her duties as a member, and shall not require- 82nd Session (2023) – 4 – for the memberabsence.er to take annual vacation or compensatory time for[11.] the10. absence.